Another Bitcoin Controversy in India

The latest Bitcoin news is coming from New Delhi, India where in thieves poses as Bitcoin traders and robs Rs 36 Lakhs. According to Times of India, country’s leading news publication, a LLB graduate, his girlfriend and two of his associates abducted a businessman and robbed him of Rs 36 lakh by luring him into a deal to buy Bitcoins through a website.

The businesman was dealing into cryptocurrencies. According to the victim, when he registered his personal details on the website localbitcoins.com, Karishma, one of the gang members got the victim’s details and called him using another name. Karishma posed as a Bitcoin trader. She offered a deal to sell Bitcoins at INR 72,000 per BTC. She also mentioned that she could offer a better deal if the victim pays in cash.

The businessman found this a lucrative deal. The women asked him to meet her at a mall in East Delhi. When the businessman reached the spot, he was abducted by four men and was forced to handover the cash.

According to DCP Rajesh Deo, a technical surveillance was mounted to trace down the gang during which it was found that they were using multiple mobile numbers. A team was formed to track the location of the gang, during which the main accused and his girlfriends were traced and arrested in Ghaziabad.

During the interrogation, it was found that the criminals were also involved in two more similar theft cases with the same modus operandi. They had robbed Rs 28 lakh and Rs 8.5 lakh from their earlier victims.

Bitcoin Controversies in India

This is not the first time that a controversy/scam involving Bitcoins has come into the picture in India. In past there were several cases reported involving Bitcoin Robbery.

In the month of July, a person robbed another person and robbed Bitcoins worth Rs 25 Lakhs at gunpoint. The incident was reported in Uttar Pradesh. The criminal forced the victim on a gun-point to give his password and access of his Zebpay Wallet1111, India’s leading Bitcoin Exchange and wallet service provider.(Click here to read full details)

Another Bitcoin controversy was reported when IT Giant Wipro reported that they were threatened to pay Bitcoin worth Rs 500 Crores as a ransom or else their office campus would be attacked. (Click here to read full article)

As Bitcoin is anonymous and it’s transactions cannot be traced down easily, Bitcoin is becoming favorite amongst the criminals. It is advised to our readers to never enter into any such kind of lucrative deals neither disclose any one that you hold or invest in Bitcoins. Also, always keep your Bitcoins in offline cold storage wallets and secure your private keys. Click here to read “How To Protect Your Cryptocurrencies”